Surviscor Canadian Online Brokerage Fees Review

The Cost of Services review explores the various commission structures, from 5 differnt monthly trade levels, offered to DIY investors to perform digital trades, obtain market information, and the general costs to manage a self-directed discount brokerage digital-based account.

What we Measure and The Deep Dive that Differentiates.

# Investor profiles

We look at 5 monthly trade levels-based investor profiles, each weighted to its importance within the industry user composition.

# of Transactions/Firm

Nobody in their right mind would look at over 13,000 transactions per firm right? Well, we must be 'not right'. How else can you truly know where a firm stands with all of the small print and marketed lowest fees.

# of Sub-categories

The further drilldown is into both CDN and US transactions and fees in each category as well as the impact of liquidating and non-liquidating stock/equity transactions to determine the 'hidden' ECN fees that may exist.

# of Categories

The main categories under review are Stock/Equity transactions; Options transactions; ETF transactions; Data Costs, Account Interest paid and charged, and General Account Fees.

Cost of Services Review - Experience Categories

The Cost of Services categories explore the various trades by instruments and account fees associated with the typical DIY investing experience, focusing on 5 different and unique profiles for each trade fee related to account usage. The catgeories are:

Equity / Stock Commissions

The category audits over 12,600 equity orders, including over 6300 CDN and 6300 US buy and sell orders, at various price and volume levels. ECN fees are applied where applicable.

ETF Commissions

General Account Fees

Option Commissions

Data Costs

Account Interest

The Latest Rankings

Commission fees have long been, and continue to be 30 years later, why many Canadian investors chose to take on their own investing decisions and avoid costly advice-based full-service offerings by turning to a discount brokerage to facilitate their efforts. Today’s new self-directed DIY investors do not relate to the discount brokerage label as the firms have successfully used the media, new branding, and their own marketing efforts to promote value through the term direct access instead of low-cost services with the term discount. So, call them direct access, self-directed, online, do-it-yourself, digital or whatever you like but the bottom line is that these offering provide a substantial discount from full-service, advice-based offerings with the key differentiation that the investor is making all the decisions.
Industry Rank Brokerage Firm Peer Score Best Showing
1 National Bank Direct Brokerage 93% 1st - ETF Commissions
2* Wealthsimple Trade New 86% #1 - General Fees
3 Desjardins Online Brokerage 83% #1 - Stock Commissions
4 HSBC InvestDirect 79% #3 - Equity Commissions
5 CIBC Investor's Edge 76% #4 - Equity Commissions
6 Qtrade Direct Investing New Brand 61% #6 - Equity Commissions
T-7 RBC Direct Investing 54% #8 - Equity Commissions
T-7 Scotia iTRADE 54% #6 - General Fees
T-7 Laurentian Bank Discount Brokerage 54% #2 - Account Interest
T-10 TD Direct Investing 53% #3 - Account Interest
T-10 BMO InvestorLine 53% #8 - Account Interest
12 Virtual Brokers 50% #5 - Account Interest
13 Questrade 45% #4 - ETF Commissions
14 Canaccord Genuity Direct New 42% #2 - Options Commissions
15 Interactive Brokers Canada 22% #1 - Options Commissions

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